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As you’ve probably seen and heard, all three major US stock indices had their worst year since 2008—-and we all remember what happened during that year, right? And even the role that real estate played in that awful year?

In 2022, the Nasdaq lost 33%, the S&P 500 19%. As for the Dow, a strong 4th quarter brought it back from the precipice of a 20% loss to a more modest 9% loss. Not a great showing for any of them.

You can read as many explanations for this bad year as there are pundits, but the most straightforward (and correct) reason is simply that assets